What is the global market size of Structural Health Monitoring Market?

Structural Health Monitoring Market size was valued at USD 2210 million in 2021 and is poised to grow from USD 2530.27 million in 2022 to USD 7595 million by 2030, growing at a CAGR of 14.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Structural Health Monitoring Market?

The global structural health monitoring market is consolidated with a few large and medium-sized players accounting for majority market revenue. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the global structural health monitoring market. These key players are making high investments in R & D to develop innovative solutions and gain a competitive edge over others. The market is fragmented in nature owing to the presence of a large number of manufacturers offering SHM solutions. Companies are focusing on strategies such as mergers and acquisitions, joint ventures, product launches, and partnerships to sustain and retain their share in the highly competitive arena. These strategies help them in expanding their global and regional presence as well as offer enhanced product portfolio to their customers. 'Nova Metrix LLC', 'Campbell Scientific, Inc.', 'Cowi A/S', 'Geocomp Corporation', 'Geokon, Inc.', 'National Instruments Corporation', 'Pure Technologies Ltd.', 'RST Instruments Ltd.', 'Senceive Ltd.', 'Strainstall UK Ltd.', 'Digitexx Data Systems, Inc.', 'Acellent Technologies, Inc.', 'AVT Reliability Ltd.', 'Bridge Diagnostics, Inc.', 'EDMI Limited', 'Fugro N.V.', 'Geomotion Singapore Pte Ltd.', 'Hottinger Baldwin Messtechnik GmbH', 'Kinemetrics Inc.', 'Sensuron LLC.'

What is the key driver of Global Structural Health Monitoring Market?

High Availability of Low-Cost Sensors to Propel the Global Structural Health Monitoring Market Growth

What is the key market trend for Global Structural Health Monitoring Market?

There is a clear need for reliable and timely data in construction and critical infrastructure management. Until recently, data collection for structural health monitoring (SHM) was primarily a manual process in which engineers had to go out in the field to take key measurements. The problem with manual data collection is that it is slow, unreliable, and inefficient. The rise of the Internet of Things (IoT) provides a boost to the civil and structural engineering industries. Significant cost reductions in sensors and connectivity, combined with the expansion of platform-as-a-service business models, now allow for the collection of large amounts of data remotely, aggregation, and critical analysis to generate actionable insights.

Which region accounted for the largest share in Global Structural Health Monitoring Market?

The Asia Pacific market is expected to account for largest revenue share during the forecast period. The Asia Pacific market accounted for largest revenue share in 2021 owing to rapid growth in the construction industry in India, China, Thailand, and Vietnam. An increase in urbanization in countries of the region has led to significant growth of the infrastructure sector in the region. In China, Special-Purpose Bonds (SPBs) are being issued by government for local governments to fund infrastructure projects and about 50% of total fund was used for municipal administration, transport, infrastructure, and industrial park infrastructure sectors. In addition, 30% of total expenditure was spent on social projects such as affordable housing, health, and sanitation, and others. Similarly, in March 2021, India passed a bill to set up National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in the country. Additionally, Ministry of Road Transport and Highways has created Indian Bridge Management System (IBMS), which is an inventory of all bridges in the country and rates their structural condition. It will help the government to monitor and conduct timely repair and rehabilitation work based on criticality of structure. This is expected to increase demand for structural health monitoring systems in civil infrastructure and hence drive revenue growth of the market in the region.

Structural Health Monitoring Market Size, Share, Growth Analysis, By Offering(Hardware [Sensors (Accelerometers, Displacement sensors, Tilt meters & inclinometers, Strain gauges), By Technology(Wired, Wireless), By Vertical(Civil Infrastructure [Bridges, Tunnels, Dams, Buildings & Stadiums]), By Application(Agricultural, Cleaning, Educational, Healthcare), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35E2019 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 176 | Figures: 79

Structural Health Monitoring Market News

In June 2023, Samsung Heavy Industries Co., Ltd announced ABS SMART Tier 2 in principle (AIP) approval for its Hull Stress Monitoring System (HSMS). This upgrade is the result of a joint development project with ABS, aimed at using intelligent ship onboard safety technology that should be improved. AIP confirms that the design is feasible and meets ABS Smart Tier 2 requirements, including specific load and activity monitoring, periodic updates on the construction status, and based inspections.
In October 2022, Sumitomo Heavy Industries Marine and Engineering (SHI-ME) entered a joint venture with Light Structures AS.
In August 2022, FDH Infrastructure Group, LLC acquired Smart Tower Systems, LLC, a subsidiary of Rohn Products, LLC. This acquisition will allow FDH to expand its portfolio of engineering services in the field of non-destructive testing (NDT) technology. By adding specialized system health management solutions to its offerings, FDH enhances its ability to manage global critical infrastructure owners and service providers in diverse industries such as telecommunications, utilities and meeting the needs of renewable energy is substantial.

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Global Structural Health Monitoring Market size was valued at USD 2.20 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 5.32 billion by 2031, growing at a CAGR of 10.30% during the forecast period (2024-2031).

The competitive scenario in the structural health monitoring market is characterized by several key players, a mix of global companies and specialist technology companies. These companies are based on innovations, technological advancements, supply chains and networking it competes based on direction. The market is growing rapidly as more and more manufacturers incorporate SHM systems to ensure safety, longevity and regulatory compliance. 'COWI A/S (Denmark) ', 'Campbell Scientific, Inc. (US) ', 'Geokon (US) ', 'Nova Metrix (US) ', 'SGS SA (Switzerland) ', 'Trimble Inc. (US) ', 'Sixense (France) ', 'Structural Monitoring Systems PLC. (UK) ', 'Acellent Technologies, Inc. (US) ', 'Digitexx Data Systems, Inc. (US) ', 'BDI (US) ', 'Sisgeo (Italy) ', 'AVT Reliability (UK) ', 'Geomotion Singapore (Singapore) ', 'Kinemetrics (US) ', 'FEAC Engineering P.C. (US) ', 'EFI Global, Inc. (US) ', 'Sensuron (US) ', 'Infibra Technologies (Canada) ', 'Sodis Lab (France) ', 'Set Point Technologies (US) ', 'Mistras Group (US) ', 'Metis Design Corporation (US) ', 'Geosig Ltd. (Switzerland)'

The rapid development of infrastructure, especially in developing countries, has created a greater demand for systematic health management (SHM). Government and the private sector are investing heavily in new construction projects such as bridges, dams and high-rise buildings. These large-scale systems require monitoring to ensure safety and longevity and provide real-time data and predictive insights for SHM system maintenance, reducing catastrophic failures.

Integration of IoT and AI: The integration of Internet of Things (IoT) generation with synthetic intelligence (AI) is a key driver within the structural health monitoring market. IoT-enabled sensors can offer actual-time records approximately the status of structures, whilst AI algorithms can analyze these facts to predict the failures and optimize preservation plans. This is used to improve accuracy, automaticity and cost-effectiveness of SHM systems.

North America dominated the global structural health monitoring market, accounting for over 35.1% of revenue in 2022. The demand for structural health monitoring systems in North America is increasing due to increased focus on public infrastructure maintenance and repair, old infrastructure, and various airports & wind turbines investment increased. Moreover, countries such as the US. and Canada rely heavily on health-control systems in construction to protect the safety and security of buildings and people. Rapidly growing infrastructure in North America for public infrastructure such as bridges, dams and procedures have adopted construction health surveillance methods.

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What is the global market size of Structural Health Monitoring Market?

Who are the key vendors in the Structural Health Monitoring Market?

What is the key driver of Structural Health Monitoring Market?

What is the key market trend for Structural Health Monitoring Market?

Which region accounted for the largest share in Structural Health Monitoring Market?

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